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, fed chairman ben bernanke has returned to capitol hill this morning. and investors are looking for more clues on the central bank's next move. and the markets at this hour have u.s. equity futures under a bit of pressure after yesterday's rebound as "squawk box" begins right now. >> welcome to "squawk box" right here on cnbc. i'm becky quick along with joe kernen at the cnbc world headquarters. carl is in washington this morning where president obama is hosting a televised health care summit. we'll have more from carl on that story. but joe, that's not the only news in washington today. >> no, it's not. we may pipe in that music with carl down there and he'll be looking good. he'll have his jacket on. >> he always looks good. >> yes, he does. also in washington, carl is there, but also this other guys that's going to show up. that's not really what all the scuttlebutt is going to be about down there. it's about carl. but ben bernanke will come back and testify on the hill today. yesterday he pledged to continue record low interest rates for, in his words, an extended period. >>
year. government spending has done next to nothing. bernanke still has no real strategy. we're going to get to all of that with our market panel. who joins us now to talk about these many events of the week. we have peter morici of university of maryland. dan fitzpatrick and john carney returns. you know, dr. frolick, i want to begin with you. not greece, not the euro, not the snows, nothing really week.d stocks from going up the market has peaked in mid january and hasn't moved much in many months. but the fact remains, things may not be so bad. weigh in. >> i think it comes down to earnings, larry. we got some great efshgs. across the board, time warner, ann taylor, a look at comcast, even moodie and sony, it wasn't just earnings, larry, it was top-level revenue growth. the big picture, when you look at china, understand even with them slowing down, when they slowed down the first time, china banks still let $2 billion this january. third highest on record. as investors you have to realize this is money already in pipeline. when you think of china mustard seeds, larry, they're abou
't you tell us what you think after hearing a couple days of bernanke's testimony on the hill. does it change your outlook on what the fed is doing? >> no, as long as they use the magic words, extended period, we know the fed will be on hold for at least six months. that's what bill dudley told us. he said extended period was the language the fed has put in the policy statement, means at least six months. it was a phrase repeated by st. louis fed president bullard recently. so whenever bernanke puts his word in on it as well, we can feel assured that the fed is not likely to move for at least six months. the fed needs to be very clear at this day and age. so if they're telling us that that's what extended period means, that's what it means. and so, until there's some other clarifying comments, that's what we have to go on. >> we had somebody who told us yesterday that maybe they could move 25, 50 basis points. it's not the extended period but they're focusing on the incredibly low rates. either one of you guys quily think that's the case? >> the focus is on the extraordinary program
" lending now that financial market conditions are improving. >> tom: so what are ben bernanke and company thinking? where does the fed go from here? and what does it mean for the cost of credit? we get some insight from a fed watcher and a market pro. you're watching "nightly business report" for thursday, february 18. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program was made possible by contributions to your pbs station from viewers like you. thank you. >> susie: good evening, everyone. the federal reserve took the first step today to bring the banking system back to normal. right after the market close, the fed announced it's raising the interest rate it charges banks by a quarter of a percentage point. >> tom: susie, the so-called "discount rate" is used by banks for emergency loans, and was cut drastically during the financial crisis. the fed raised that rate today, saying in a statement it's time to "normalize" lending now that financial market conditions are improving. >> susie: tom, the fed's move sounds
bernanke told congress, record- low interest rates are still needed to help the economy. in his twice-a-year report to congress, bernanke said the economic recovery is still in the early stages and that moderate growth will only lead to a slow decline in the unemployment rate. >>> the ceo publicly apologized to the lapses that led to the recall of more than 8 million toyotas. akio toyoda admitted that the auto group grew too fast to stay on top of safety recalls. he says he is committed to regaining the trust of every consumer. >>> a report surprised economists who were expecting a rise in sales. while winter storms upon partly to blame, new home sales have fallen now for three straight months, despite low mortgage rates for some tax buyers. one in four homeowners owed more than their home was worth late last year. rising unemployment contributed to the rise of homeowners who are under water on their loans. for more money news, you can head to cbs money watch.com. in new york, i'm alexis christoforous. >>> coming up on wjz's eyewitness news at 4:00. from sportscaster to rape suspect,
americans back to work as soon as possible. >> reporter: ben bernanke says jobs are the key to an economic rebound. >> unemployment is the biggest problem we have. >> reporter: meanwhile, there's more bad news from the housing front. despite continuing tax incentives from uncle sam, new home sales in january unexpectedly plunged to a record low. brian mooar, nbc news, washington. >> that announcement from fed chairman bernanke sent stocks higher today. the dow picked up 92 points and finished at 10,374. the nasdaq was up 22 points on the day and the s&p gained 11 points. >>> police and demonstrators clashed today in greece. an estimated 50,000 demonstrators staged a march in athens against government austerity measures. some of the steps may include salary cuts and pension reforms. labor unions organized this protest march. things got violent for about lf an hour near the parliament. protesters hurled rocks, red paint and plastic bottles at riot police and the police responded with batons and tear gas. today the unions also called a 24-hour strike that grounded flights, shut down schools,
of weeks, barack obama has crossed a rubicon. he had a chance to get rid of ben bernanke and replace him with someone like john taylor. he had a chance to get rid of tim geithner. he didn't do that. >> okay, peter, it sounds like a series of things in your view. i have got leave it there. we have breaking news over at the breaking news desk. steve? >> thanks very much. we have talked to senator she y shelby's office. his office is telling us the senator shelby still believes that regulatory reform bill is still possible this year. they reveal there has been an area of agreement that we didn't know about that they agreed on the idea of a consolidated regulator. where the disagreement is over the issue of consumer protection. dodd wants consumer protection part of the agency to write its own rules. shelby said consumer protection rules must coordinate with safety and soundness. no agreement on resolution authority and other areas. dodd says there is an impasse that doesn't mean that regulatory reform is dead. shelby's office believes it is possible. >> tax issues, health care, still very
this is "fox news channel," the most trusted name in news. >> neil: think quick. ben bernanke, tim geithnerer, toyoda, what do they have in common today? all under fire from a congress eager to take the heat off itself and put it on someone, anyone but them. these guys more than fitting the bill. welcome, everybody, i'm neil cavuto. with the fireworks, they easily could have made them pay per view but for pure theater, triple cast gold has to go to the congressional grilling of akio toyoda, the toyota chief who took responsibility for a mess he says is contained butty. then it got nasty. >> let me see, is that a yes or no? that's what i'm trying to get to. >> steven morris says the implications of this nastiness are bigger than you know. steve, explaining. >> by the way, was that a yes or no? >> i don't know, man oh man. what a parade here. >> it was high theater today and you're right, i like the way you opened it. when you're one of the most unpopular groups in america as congress is, go after somebody more unpopular which is toyota. but this was a small of congress to bring this
several members would like the asset sales in the near 5 but ben bernanke made it clear last week in his text not likely to be part of the initial exit strategy, not likely in 2010. it's all about timing in actions. now to that end, you can see clearly on the intraday, ten-year chart that rates did pop a bit on that. they were already somewhat elevated but they moderated, but from a technical vantage point open that up chart to one month and you can see kr this area is important. snugging up against the top of a trading range established over the last month. we haven't closed above 375 in basically a month. as far as the dollar, well, today reversed all of yesterday's, matter of fact the dollar up over two-thirds a cent. host to of those gains coming in a combination of the eurocurrency and having a big day against the yen. maria, back to you. >> all right, rick, thanks very much. and you mentioned, really, one of the stories of the day, rick, and that really is that some policymakers are talking about starting to sell assets in the near term versus others who are favoring a more gradual
her terribly. >> some of the stories this morning at 10:00 a.m., ben bernanke is on capitol hill. all ears will listen to his take on job creation. this afternoon, the president will make his case for creating more jobs. it's going to happen at the business round table. >>> this afternoon in vancouver, fresh off the upset of team canada, the u.s. men's hockey team takes on switzerland. >> usa! usa! >> something tells me you are watching. >>> a star sentenced to five years in prison for shooting his limmo driver. it's been years coming. >> eight years in the running. this is a guy who literally had it all at one point. an nba all-star. one of the richest contracts in the league. prosecutors say he was playing with a shotgun, shot his driver, tried to cover it up. yesterday, a new jersey judge sentenced him to five years in prison. afterwards, he said he was sorry. >> i sincerely apologize for my actions that caused his death. i pray that today brings you some comfort. my children, you deserve a better father. son, brothers than i have been. >> he was apologizing to his victims there. h
, 50 basis points or 100 basis points would be out of whack. >> did you see bernanke's swearing-in? >> i didn't.he president wasn't? >> how do you talk about transparency when you have a private swearing-in ceremony in apparently there is no legal standing for the swearing-in ceremony, because he was approved while he was still chairman. if the chairmanship expired, there would need to be a -- >> why would you need to see someone sworn in? you think he's actually going to swear? >> typically a president or a top official at some time -- >> but transparency, though. >> the most public fight over a fed chairman. >> the ceremonyial way. >> it's not a legal thing. >> you want him to answer questions that you pose him, you don't want to see the ceremony of someone swearing in, how did he look, what was his expression? was he worried? >> does it help he was in matter? >> i don't think it matters. >> this isn't what transparency was watched. i want to have watched it. i wouldn't have taken time out of my day to watch it. >> it shows you what a nerd you are. >> i don't want to be surpri
word that ben bernanke is set to testify. >> i'm sue herera. there are some bright spots. travelers, at&t, walmart and dupont are among the dow's 30 winners. >> ppl beat the street. the ceo will join us first on cnbc. tyson foods smashing analysts' estimates. ate na pushing higher. we should get to the market. >> i'm dennis neil. let's get straight to this market action. let's go to bob pisani. >> here's a couple of headlines here. stocks close in europe at 1130, the stock market droops here. the second time in a row. guys in europe are getting concerned. they want to lighten up. second thing that happened that's important here, is dollarle rallied at the exact same moment we had yesterday. of course, what happens when that happens? it puts pressure on commodities and puts pressure on commodity stocks. all the big names in energy and the material groups on the weak side. and sharon, we saw a heck of a lot of contracts traded in oil in the last hour and a half. >> that's right. over 400,000 contracts traded today, bob, and this is the second straight day of massive contracts and massive
. jon: "happening now" in the top box. ben bernanke on the hill right now expressing confidence the economic recovery will endure. but he stresses the importance of keeping interest rates at record lows. knowledge crews meeting a jetblue in fort lauderdale. someone onboard was injured when the flight hit turbulence. in the bottom box the world health organization says the h1n1 flu outbreak has been less severe than expected. the group will review the status of the pandemic to decide fit has peaked. jane: this is a story that will interest you and may outrage. a convicted rapist has been charged in a horrifying new attack. prosecutors say william french sexually assaulted a woman twice in her home in the boston area. in between the two attacks he cut off a gps device he was wearing because he violated his probation. why after violating his probation was he allowed to remain free and just have a gps on him? you said this is not necessarily surprising, this case. >> unfortunately we have seen more of these kinds of cases. it shows a failure in the system. why aren't the level 3 sex
bush, ben bernanke, tim geithner to get the record out. this is news in and of itself, michelle, beyond the details you point out. his first-person account goes into the record and it's going to be essential to figure out where did we go wrong and how do we fix it? amazing to me the number of things that aren't fixed yet. >> final thought to you? >> i agree with steve. it was remarkable book. it helps the history exicle record. i call it pg version. he said the british screwed us. in my book he uses a colorful phrase. >> andrew, thank you. steve, thank you. the word on the street goldman sachs' ceo lloyd blankfein could collect a bonus up to $100 million according to the report in the times of london. goldman sachs roundly distribpu the rumor saying there's speculation and there's stupidity. this speculation transcends the stupid and takes it to a new level. i would call that -- that would be your denial-denial. >> that would be a strong denial. goldman sachs shares gaining 90% for a year and about 4% higher right now. the goldman sachs folks knocked this story down. it is only in the t
in place. we had hank, ben bernanke tim geithner and sheila bair the head of the fdic. i know a lot of people in finance and a lot of people in business and government. and i can't think of for that would have done a better job of getting us through that. now it's kind of fashionable to look back and pick at one aspect or another of what was happening and our country's financial system froze up during that period. some of you in this room were at a party i was at in september of 2008, one to talk was the money market funds saved. if we have 3.5 trillion fun missile by 30 million people who on is and they might are worrying about whether they can get their money that was half of all the process held by u.s. banks at the time you have a panic. you had commercial paper frees up entirely in the biggest companies of the united states and some are described in this book that worried whether they were going to meet their payroll and a short period of time to read the sixth largest bank in the country in terms of the domestic deposits, washington mutual failed over a weekend. you had the th
closed yesterday. investors did have time to digest the news. the chairman of the fed ben bernanke basically telegraphed all this. he said that he was going to essentially be pushing up rates, tightening policy last week when he spoke before congress. analysts say the increase in the increase rate indicates that the fed is winding down a series of extraordinary programs it put in place to ease the economic crisis. so, in other words, the crisis is over. the rate increase is not going to directly affect borrowing costs for consumers and most businesses, but, as you see, it's putting the stock market under a little bit of pressure. right now we've got the dow off a little more than 27 points. also under pressure, shares of dell, the computer giant, reported disappointing fourth quarter earnings. sales rose during the holiday season, but those sales were cropped up by steep discounts that did cut into the company's bottom line. finally, well, the saints came marching in to the nyse this morning. three members of the super bowl champion new orlean saints rang that opening bell, looks l
in three months and just a hair under 100 million. bernanke said yesterday that the job market remains weak even though the economy is recovering. there is some good economic news. everything from washing machines to airplanes jump 3d% in january and the second monthly increase in a row. >>> coca-cola is changing the way it does business. spending more than $12 million to buy the large bottler. from using independent bottlers to controlling the process. pepsi has recently moved in that direction, as well. >>> get this, a relative of burr nad madoff is changing her name. she is married to buernie's son mark. she filed court papers for herself and her two kids to drop the madoff name. she probably doesn't want that out there, robben . >> she just wants to leave the name alone. >> completely. she's still married. it's not that. it's just the name. >>> a teacher danceoff sounded like kind of a fun idea for a pep rally until it became a lap dance dance off. >>> one of the most taulked abot people at the olympics may be heading home. >>> if you're running late, you must not have signed up for my
not remember this because we probably didn't keep track of everything that paulson and bernanke and george bush did, but lehman falls on september 15, then what we have is on september 23 the chairman of the federal reserve and the secretary of treasury come into congress and they testify that they need $700 billion, they've got a 2 1/2-page bill, they don't know what they're going to do with the money, but if you don't give it to them then the world is going to end. now that makes you a little currentble if you're deciding what you're going to do with your investments. not only that, but the next day the president of the united states comes on national television and says the following, speak to the american people, just to get them, you know, calm down a little bit, he says, financial assets related to home mortgages have lost value during the housing decline and the banks holding these assets are are restricted credit. as a result our entire economy is in danger. so i propose that the federal government reduce the risk posed by these troubled assets and supply urgently needed money so banks
together with bernanke's exit speech, you put that together and people say, wait a second, maybe the tight is turning. and being on top of the timing of when the fed starts to tighten or when the rhetoric changes, because when the rhetoric changes, that's when rates will change. and if there weren't enough international news, the european central bank plans to join forces of the european commission to monitor the situation in greece. ecb president jean-claude trichet says the two will draw up necessary measures to maintain stability in the euro zone. european officials offered support for debt-laden greece at a summit yesterday. we don't know what's in the plan. it's some sort of support. >> i don't know what the plan is. except everybody is happy they're in a plan. >> they're in something. they've expressed support. >> monday, the finance ministers meet again. this may be a situation where you see more of the details that start to emerge. what's it call, the european -- the meeting on monday. >> what worries me is that the plan itself will be so underwell manying that people will say, is
are on is not sustainable. the federal reserve chairman, ben bernanke, said that we cannot allow ourselves to be in a situation where the debts continue to rise and are unsustainable. the former treasury secretary said that it is clearly unsustainable in. the former head of the gao said it we are on an imprudent and unsustainable long-term fiscal path. as the former chairman of the federal reserve, alan greenspan said the the budget is on an unsustainable path. notice any similarities? unsustainable, unsustainable, unsustainable. look, i know that there is a sense of denial amongst our colleagues. about the seriousness of the threat. i see it every day. i just came from a meeting where i saw it. this is tough, but it has got to be dealt with. if we let this get away from us, we will rue the day, rue the day. regretting forever the consequences for the country. whether it is through a proposal from the president or some other method, we have got to deal with the consequences of a failure to act. so, we have to back. the sooner, the better. we will go out to our witnesses. doctor, thank you
professor and no stranger to the audience at c-span2, douglas bernanke -- douglas brinkley. thank you for joining us this morning. guest: good morning. thanks for having me. host: if president stay were a holiday celebrating just one president, it there or one president to honor, who would it be for you and why? guest: i think the original, george washington. remember presidents day began as washington's birthday in 1880 and subsequently evolved, 1971 was started getting this concept of presidents day morphing of washington and lincoln's birthday and then the idea of just celebrating the institute of the president and having school children learn each president and what they look like and memorize the names. but washington is, in my view, the person we need to be celebrating on presidents' day. he did something very extraordinary as our first president, he stepped down. he showed you could relinquish power. that we were not going to become a market. he could have stayed in for life terms because he was that popular but i think it was the beginning of the tradition -- of the presence i
bernanke was scheduled to testify before the services committee and not any more. the hearing was postponed and may still release a plan at the top of the hour. it is expected to outline the bank's central plan and unwind programs that waere designed to get out of the crisis we're experiencing. disney says its fourth quarter results reflect, they are putting off travel plans to the last minute. the company had to rely on discounts. >>> finally, robin, we did a little digging, snow digging. 41 years ago today, that was the last time the new york stock exchange was closed for snow. last full snow day that they've had. no worries, they're at it today. they're down there and the nyc is open. it's kind of weird. 41 years ago today. >> they officially closed them, but not today. >> not today. >>> bracing for a blizzard is even tougher when you're already recovering from record-setting snow storm. how the nasty weather is affecting thousands of flights and a morning commute. this is from washington, d.c., i can tell. mostly from the call letters. >>> plus, one of tiger's alleged mistresses says he
with bernanke and for some reason there have been just no real uptick generally about the fact that those types of things already are prohibited. you can only use a minimal amount of the bank's capital in other areas of a bank holding company. in addition to that, it actually move capital permanently, you've got to reduce the capital of the commercial bank also. so i do wonder -- >> yes, go ahead. basically, you're saying that those who think this is simply a punitive move by the obama administration are right. am i reading you correctly? >> well, let me say this. look, paul volcker is like a folk hero here? there's no question. his inflation efforts were tremendously appreciated and the timing of the announcement, i think everybody on all sides are transparently political. that doesn't mean, that look, we don't need to continue to look at ways of dealing with this. i don't think it got a great reception yesterday. again, we've got one more hearing tomorrow with goldman and others and we'll drill down in another way, but my sense is there's not a lot of traction on it because there are mechanis
Search Results 0 to 24 of about 25 (some duplicates have been removed)